The news that South Korean automotive giant Hyundai is preparing to buy the Fiat-Chrysler Group was launched by Asian media (Asia Times) late last week.
This information was soon denied by both sides. However, the question remains whether there is something actually happening there?
Anyway, Hyundai also owns 39 percent of shares of Kia (Hyundai Group) and together they are the fourth automobile manufacturer on the planet.
Colleagues from Asia Timers found out from “reliable sources” that Hyundai (not the Hyundai Group) will wait for the value of the FCA Group to fall, which is allegedly expected to happen on stock markets at the beginning of next year, when CEO of the entire FCA Group Sergio Marchionne retires.
The key name in the alleged transaction is certain Paul Singer, who is the Director of Elliott Management. It is claimed that he has recently personally appointed current FCA Chief Operating Officer Europe, Africa and Middle East Alfredo Altavilla a member of the powerful Managerial Board of “Telekom Italia.”
Singer, according to Asia Times, “has bonds worth billion euros in Hyundai.” The fact that Marchionne himself tried several times to find a “partner” or a buyer for the FCA Group is pointed out, as he thinks it is inevitable that only seven to eight big players will remain on the planet.
Source: Večernje novosti